poloniex, an advanced trading exchange

***Unfortunately Poloniex is no longer allowing US residents access to their platform***

Poloniex has quickly gained a reputation as an advanced trading exchange for cryptocurrency. They were founded in 2014 and are located in San Francisco, California.  They were recently bought by a payments/trading company called Circle for $400 million in 2018.  

Poloniex quickly became one of the largest exchanges providing features such as margin trading which most other exchanges don’t provide.  They are one of the most active trading exchanges and provide robust security.  IcoRating gave Poloniex an A- rating in 2018 and they continue to stress government compliance with all of their coins.

sign up for poloniex

Go to Poloniex and click the signup button on top.  Go ahead and enter your information.

You will have to have an ID card of some kind in order to verify your identity.  For example, if you have a drivers license, they will ask for a pic of the front and the back and ask that you provide a picture of your face to correlate with your ID photo.

If you have not used two step verification, go ahead and download google authenticator onto your phone.  This will take a few minutes to an hour to take effect.

Once this is on your phone, go to your account info and you will find the two-factor setup.  Follow the instructions to add Poloniex to your 2 factor login.  Each time you login you will need to open your app on your phone and input the code in order to login.  It's an extra step but for Crypto it is SUPER important!

Once you have been verified, you are now able to Deposit and withdraw Bitcoin from to and from your account.  Click on Balances on the top menu bar, then click Deposits & Withdrawals.  Click on Deposit and copy and paste the address where you have your Bitcoin!

You will have to wait a few minutes up to an hour depending on how busy Bitcoin's blockchain is at the time you transfer your Bitcoin.

Once your Bitcoin has transferred you can now exchange it for any coins listed with Poloniex.  In the following picture you can see that Litecoin is selected and now I can trade my Bitcoin for Litecoin. 

I can set up a stop-limit also if I want to trade in or out of a coin automatically depending on the price I set up.

It's a good rule of thumb to transfer your coins to a local wallet such as Trezor once you are finished trading your coins.  Even though these exchanges offer a level of security, too many have had issues with hacks or just shutting down to just keep all your tokens there.  I sleep well at night knowing I control my private keys!

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